If you’re looking to take a step back from practicing law and you want to retire or move on from the business you currently own, there are ways you can keep your firm going so your clients that are on your books can continue to be very well represented. It isn’t an easy thing to do, letting go of a company, but there are ways to take a back seat but still be allowed to cast an eye over the proceedings. There are companies out there like firmtransitions.com that can help to ensure the firm that you have built can continue for years after your retirement has occurred. However, if you want to sell your practice for a good profit this can also be achieved. A good doctor will pay for an established medical practice for profit so why can’t an established law firm be sold for a packet? When you first started out, you had to build your client base completely from scratch and that was difficult, right? No one knew you or trusted you and you had to work long hours and put in a lot of work to gain new clients and build relationships with existing businesses.
The transition from new kid on the block to an established law practice with a solid reputation was not easy but have you ever stopped to consider how much your valuable time and effort is now worth? Your company is likely now a huge asset and companies like firmtransitions.com can assist you with transitioning your firm from your care to a sales market. Your location, the value of your client files and how well you can negotiate a good deal are all things that will decide the value of your practice. You would be giving a new buyer a huge list of clients to start with a warm desk, credibility and the power of your brand to work from. A new buyer may not want to take the liabilities of the business but be happy to take on the assets so having those squared away will assist you in your sale. The legal industry face a lot of transformation across the practice of law especially within the business side. There are supportive businesses that can bridge the gap between these transformations.
The most popular way of selling on a law firm is to hire in a junior associate to work for you for a number of years before actual retirement. This way, you have moulded the new person in charge of your practice and this smooths the transition for your clients to get used to someone else in charge. You should make sure your clients are very aware of your stepping back from the business with a good amount of time to spare as you don’t want to have any shocks. Many businesses scale back their practice in anticipation of retirement but that can greatly drop the finances.
Also if you’re choosing to sell your practice to a new person you don’t want the finances to drop you want it to be a good selling point.it won’t fetch the top amount of money you could gain and it won’t be as appealing to your potential buyers.